News Corp is joining a consortium that plans to launch an online sports betting brand in Australia, according to a Wall Street Journal report.
The consortium includes Las Vegas-based digital gaming investor and advisor Tekkorp Capital and former BetEasy CEO Matthew Tripp.
A formal announcement could come this week, with a goal to officially launch the service before the Australian spring horse racing season, which begins in August and runs through November.
The pending brand, which has a working title of BetR, will be powered by BetMakers Technology Group, an Australia-based wagering data and analytics provider.
News Corp, the owner of Dow Jones & Co., has been targeting the sports betting market for more than a year.
Its media assets will promote the brand, including Foxtel and streaming service Kayo Sports.
The brand will help offset declines in revenue within News Crop’s print media assets.
The decline in revenue from its print media assets hasn’t hampered News Corp’s recent financial success. The media conglomerate generated $2.72 billion in revenue in fiscal Q2, a 13% increase year-over-year. News Crop’s probability nearly reached $1 billion in H1 FY2022.
News Corp tapping into the sports betting market stands to be a promising venture as the global online gambling market is projected to reach $131.4 billion by 2027.
The company faces stiff competition in a mature Australian sports betting market led by Sportsbet, which holds a 50% market share and handled $15.6 billion in wagers in 2021.